IMPAX Files Registration Statement for Resale of Previously Issued 1.250% Convertible Senior Subordinated Debentures Due 2024

June 14, 2004

HAYWARD, Calif., Jun 14, 2004 (BUSINESS WIRE) -- IMPAX Laboratories, Inc. (Nasdaq:IPXL) announced that it has filed a registration statement on Form S-3 with the Securities and Exchange Commission covering the resale of $95 million aggregate principal amount of its 1.250% Convertible Senior Subordinated Debentures due 2024, and the shares of common stock issuable upon conversion of the debentures. The debentures were initially issued in a private placement on April 5, 2004 to qualified institutional buyers, as defined in Rule 144A of the Securities Act of 1933, as amended. The Company was required to file the registration statement under the terms of the private placement. Once the registration statement is declared effective, the debentures and the shares of common stock into which the debentures are convertible may be offered for resale by the holders listed as selling securityholders in the registration statement. Holders of the debentures who desire to be listed as selling securityholders in the registration statement are required to submit to IMPAX Laboratories, Inc. the selling securityholders' questionnaire provided in connection with the private placement. The Company will not receive any proceeds from the resale by the selling securityholders of the debentures or the shares of common stock issuable upon the conversion of the debentures.

Although a registration statement relating to these securities has been filed with the Securities and Exchange Commission, it has not yet become effective. The debentures and the underlying shares of common stock issuable upon conversion of the debentures may not be offered, nor may offers to buy these securities be accepted, prior to the time the registration statement becomes effective. This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under applicable securities laws, or absent the availability of an exemption from such registration or qualification requirements.

IMPAX Laboratories, Inc. is a technology based specialty pharmaceutical company applying its formulation expertise and drug delivery technology to the development of controlled-release and specialty generics in addition to the development of branded products. IMPAX markets its generic products through its Global Pharmaceuticals division and intends to market its branded products through the IMPAX Pharmaceuticals division. Additionally, where strategically appropriate, IMPAX has developed marketing partnerships to fully leverage its technology platform. IMPAX Laboratories is headquartered in Hayward, California, and has a full range of capabilities in its Hayward and Philadelphia facilities. For more information, please visit the Company's Web site at: www.impaxlabs.com.

"Safe Harbor" statement under the Private Securities Litigation Reform Act of 1995:

To the extent any statements made in this news release contain information that is not historical, these statements are forward-looking in nature and express the beliefs and expectations of management. Such statements are based on current expectations and involve a number of known and unknown risks and uncertainties that could cause Impax's future results, performance or achievements to differ significantly from the results, performance or achievements expressed or implied by such forward-looking statements. Such risks and uncertainties include, but are not limited to, Impax's ability to obtain sufficient capital to fund its operations, the difficulty of predicting FDA filings and approvals, consumer acceptance and demand for new pharmaceutical products, the impact of competitive products and pricing, Impax's ability to successfully develop and commercialize pharmaceutical products, Impax's reliance on key strategic alliances, the uncertainty of patent litigation, the availability of raw materials, the regulatory environment, dependence on patent and other protection for innovative products, exposure to product liability claims, fluctuations in operating results and other risks detailed from time to time in Impax's filings with the Securities and Exchange Commission. Forward-looking statements speak only as to the date on which they are made, and Impax undertakes no obligation to update publicly or revise any forward-looking statement, regardless of whether new information becomes available, future developments occur or otherwise.

SOURCE: IMPAX Laboratories, Inc.

IMPAX Laboratories, Inc.
Barry R. Edwards (CEO), 215-933-0323 Ext. 4360
Larry Hsu, Ph.D. (President), 510-476-2000 Ext. 1111
Cornel C. Spiegler (CFO), 215-289-2220 Ext. 1706
www.impaxlabs.com
or
Investor Relations:
Lippert/Heilshorn & Associates, Inc.
Kim Sutton Golodetz, 212-838-3777 (kgolodetz@lhai.com)
Bruce Voss, 310-691-7100 (bvoss@lhai.com)
www.lhai.com